The name Potomac Bank was chosen to symbolize the powerful connection shared among the diverse communities the bank serves, all united by the namesake Potomac River, which has shaped the region's geography, history, and prosperity. This transition is a natural progression that honors the bank's heritage and values while celebrating the shared connection that unites the bank's identity. "Potomac Bank is more than a new name. It's a reflection of who we've become, the relationships we've nurtured, and the fut ...

Core Insights - Waterstone Financial, Inc. reported a significant increase in earnings per share (EPS) for Q2 2025, rising to 43 cents from 31 cents in Q2 2024, marking a 39% increase [2] - The company's net income for the quarter was $7.7 million, up from $5.7 million in the same period last year [3] - The net interest margin improved to 2.60%, up from 2.01% year-over-year, indicating better yields on interest-earning assets [4] Financial Performance - Revenue from net interest income increased to $13.7 million from $10.9 million year-over-year, while noninterest income decreased to $24.3 million from $26.5 million [2] - Total assets as of June 30, 2025, were $2.22 billion, slightly up from $2.21 billion at the end of 2024 [4] - The loan portfolio saw a decline, with loans receivable at $1.64 billion, down from $1.7 billion in December 2024 [4] Shareholder Actions - The company repurchased approximately 508,000 shares at an average cost of $12.80 per share, increasing book value per share to $18.19 from $17.53 [5] - Dividends declared remained steady at 15 cents per share [5] Management Commentary - The CEO highlighted strong earnings performance, particularly in the community banking segment, which saw a 50.4% increase in pre-tax income to $7.6 million [6] - The community banking segment's growth was attributed to a $2.4 million increase in net interest income and effective expense management [6] Mortgage Banking Insights - Mortgage originations declined by 7.1% year-over-year to $588.8 million, with purchase originations making up 91.7% of the total [7] - Noninterest income from mortgage banking fell by 9.7% to $22.6 million, while gross margin on loans sold decreased to 3.8% from 3.9% [7] - Compensation and employee benefits expenses decreased by 3.4%, aiding earnings despite a decline in mortgage revenue [7]

Financial Data and Key Metrics Changes - Operating earnings reached $100.6 million or $0.55 per share, marking a 3% increase linked quarter and a record for the company [6][14] - Total revenue increased due to growth in net interest income and fee income, with a quarterly efficiency ratio of 57.1% [7][8] - Operating return on average assets rose to 1.3%, and operating return on average tangible common equity increased to 16.26% [8] Business Line Data and Key Metrics Changes - Total loans grew by $150 million or 2.5%, primarily in residential mortgage and home equity portfolios, despite strategic runoff in indirect auto and certain commercial loans [9][15] - Non-interest income for the quarter was $69.1 million, with all categories showing linked quarter growth, including record highs in Wealth Management and Commercial Banking fees [10][11][19] Market Data and Key Metrics Changes - Deposits declined by $191 million or 2.9%, influenced by seasonal trends, with a loan to deposit ratio ending at 92% [15][16] - Non-interest bearing balances constituted 20% of total deposits, with expectations for municipal balance inflows in the third quarter [15] Company Strategy and Development Direction - The company continues to focus on its Community Banking strategy, aiming to attract and retain valuable customers while reinvesting in communities [5] - The M&A strategy remains focused on community banks in the $1 billion to $5 billion range, with a disciplined approach to metrics and strategy [46] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding loan growth, with an increase in the loan pipeline but a pull-through rate below historical norms due to economic uncertainties [42][43] - The company updated its 2025 operating guidance, including an increase in net interest income expectations and a decrease in provision expense [22][23] Other Important Information - The company repurchased 522,000 shares at a weighted average price of $16.9, contributing to a tangible book value per share growth of 9.5% on a linked quarter annualized basis [8][22] - The allowance for credit losses to total loans ratio ended at 1.57%, with a coverage ratio of 177% for non-performing loans [21] Q&A Session Summary Question: Expense guidance and timing for the back half of the year - Management indicated that the expense range for the back half of the year is expected to be below the midpoint due to timing and merit increases in the second quarter [27][31] Question: Fee income guidance and potential headwinds - Management expressed confidence in fee income growth, stating that consistent performance across categories could lead to trending towards the top end of the guidance range [34][35] Question: Status of the loan pipeline and impact of economic uncertainty - Management noted an increase in the loan pipeline but highlighted that customers remain cautious about new projects due to economic uncertainties [41][42] Question: Appetite for M&A and geographic focus - The company reiterated its focus on community banks within the specified size range, maintaining a disciplined approach to potential acquisitions [46] Question: Outlook for deposits and NIM - Management acknowledged competitive pressures on deposit costs but expressed a desire to fund future loan growth with customer deposits [53][54] Question: Trends in credit quality and non-performing loans - Management reported stable credit metrics but remained cautious due to economic factors, noting that the uptick in non-performing loans was related to a specific project [84]

Core Insights - Freedom Financial Holdings, Inc. has appointed Scott Clark as Executive Vice President and Chief Financial Officer, enhancing the bank's leadership team with his extensive experience in community banking and finance [1][4][6] Company Overview - The Freedom Bank of Virginia is a next-generation community bank based in Fairfax, Virginia, offering a range of banking solutions including commercial, personal, and mortgage banking [7] Leadership and Strategy - Scott Clark will oversee all financial operations, including budgeting, financial reporting, asset liability management, investment performance, regulatory compliance, and investor relations, positioning the bank for growth and profitability [3][4] - The bank's President and CEO, Joe Thomas, expressed confidence in Clark's ability to enhance operational efficiency and balance sheet management, aligning with the bank's values and commitment to community banking [4][5] Experience and Qualifications - Scott Clark has a significant background in financial strategy, regulatory compliance, and capital management, having previously served as Treasurer for Sandy Spring Bank and EagleBank [6] - His focus on long-term sustainability and customer satisfaction positions him uniquely to guide Freedom Bank through a rapidly changing financial environment [6]

WARSAW, Ind., May 14, 2025 (GLOBE NEWSWIRE) -- Lakeland Financial Corporation (Nasdaq Global Select/LKFN) and Lake City Bank announced today that Dan Starr and Mindy Creighton Truex have been appointed to their respective Boards of Directors. "Our boards represent the foundational building blocks of stable corporate governance, leadership and engagement in our Indiana communities and provide balanced and thoughtful feedback to our leadership team. The addition of Dan and Mindy brings two proven business and ...